Dean Mirfin, chief product officer at Key Retirement, said: “Nearly two-thirds of equity release customers are using some or all of their property wealth for home and garden improvements highlighting the growing demand across the country.

“Millions want to stay in their homes but often forget the need to adapt a home so it is retirement ready and more comfortable when people are less physically able.

“We should all probably plan ahead but circumstances change rapidly and you may need to take action quickly which can be difficult when the average cost is £10,400 to ensure your home is suitable and your retirement is as comfortable as possible.”